Base Network's TVL Soars 25% Surpassing $550 Million - TheNewsCrypto

• With this increase, it has surpassed the $435 million valuation of zkSync Era.
• The Base platform is rapidly becoming a formidable rival in the DeFi industry.

The decentralized finance (DeFi) market has been very active over the last week. And much of the momentum can be attributed to Coinbase’s Layer-2 network Base.

L2Beat reports that the Base network’s Total Value Locked (TVL) increased by 25.15 percent, in the previous week, to a total of $556 million. With this increase, it has surpassed the $435 million valuation of zkSync Era. On October 4th, the network’s native $USDC was re-minted, causing a phenomenal 470.55% jump to a total of 159 million $USDC.

Growing Dominance

The debut of the $USDC stablecoin on the Base platform was announced by $USDC stablecoin issuer Circle last month. Launching the stablecoin on new blockchains as a native token was a smart move by Circle to expand $USDC’s usefulness. This method does away with the need for bridging using Ethereum tokens.

Users of Coinbase and Circle who have $USDC in their wallets were unable to make a direct transfer to the Base network on the day it debuted (August 9). Users of Base were forced to rely on a bridging version of $USDC called USDbC in order to trade in U.S. dollars.

Base’s major objective is to facilitate the development of on-chain applications. By providing a safe, efficient, and user-friendly setting in which to do so. All Ethereum Virtual Machine (EVM) wallets, including the popular Coinbase wallet, are fully supported.

Moreover, the Base platform is rapidly becoming a formidable rival in the DeFi industry. Top market players immediately began testing the Base following its release in early August.

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